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tv   Countdown to the Closing Bell  FOX Business  December 5, 2013 3:00pm-4:01pm EST

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renter hundred 25,000 claims. any number below 300,000 that is something in this past couple of years and the economy people have wanted to see. another big positive, third quarter gross domestic product, supposed to increase. that is up from the government's initial estimate. the number blowing past analysts' predictions for 3 percent growth. well, you put that together. you would think it would be sweet and savory. renewing investor fears instead of early next year or, perhaps, and the spring. all the major indices lower. the dow jones industrials earlier today was about seven. it has been quite a slang. fifth consecutive down day for the dow jones industrials and the s&p 500. the longest losing streak since september 25th. we have just blown through the floor of what had been down 67 points. another is a new low, down 70
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points. if the s&p finished as a week lower, that would be the end of its longest run of gains in nearly ten years. let's look at good ones. apple is definitely up, as we told you yesterday, the smart phone maker announcing a major deal with china mobile to bring the iphone to china's largest wireless network. millions and millions of customers potentially rushing to get and iphone. you can see, it is up about a dollar and 56. it did earlier today reached near 52-week highs. a pretty decent gain, and it is climbing well back from lows that we saw back in may and june. the ceo who has been checked off. he says absolutely not, but he may be driving forward through the end of 2014. that came out today according to a board member, the great-grandson of henry ford he says he will be sticking around
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through next year. but you knew that because he knew of me and said that he was going to be on the board through 2014. but as that gets to be reaffirmed, look what happened to microsoft's stock. falling more than a dollar. 3787. you can see, right around there was where he made the comment. i am going to ask about all this happening today regarding that and has plans to conquer the chinese market. and in just a moment the bigger feel right outside the fox business studios. on the street. you have not seen it. we will be the first to show that to you. the brand new mustang sports car egested that. what is really interesting is that want to sell it in europe, asia. we will see what he thinks about that. microsoft is gearing up for a change in their leaders. financials are bracing for a brand new era. tighter regulations, large banks are feeling the heat today ahead of next tuesday's final vote on
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the so-called volker rule. let's get to nicole petallides on the floor of the new york stock exchange. >> reporter: so much to watch. right now the bank index to the downside. a lot of down arrows. j.p. morgan down over 2%. it down about and a half%. he noted the vote next tuesday. tighter regulations. and it obviously has weighed on the financials overall. the group has been under pressure of late. the dow down for the fifth day in a row. much of the week. we have also had some calls from the analyst today. for example, deutsche bank cutting both and morgan stanley. on the other hand you did get some positive comments. a price target of j.p. morgan was raised. right now goldman at 16636. recently they have since pulled back. right now and a half%. there is a look at that.
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1540. remember when it was under $10. $5 even, but you can see right now at 1540. but it has been under pressure. a little tight overall. consort discretionary. liz: nicole, look at the monitors. a teeny bit of the reveal of the mustang. it is outside right now. that the other business networks show you. we have the hot tomato red one. look at that. candy apple red. even better. ford go further. people are already walking around looking at it. right outside our studios in midtown manhattan. it will be talking to him in just a moment. where you don't see is this guy. that may
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the fed. peter barnes is standing by. what i hear is that the fed would need to see multiple months of good data before they consider tapering. >> and across the board, not just the jobs report that we're going to get tomorrow, but the gdp report that has everyone's attent inventory. a big inventory buildup, and if they are not moving goods that investor will likely be reversed in the current fourth quarter which could hurt growth. i saw a downward revisions coming from economists today for
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fourth quarter growth because of this revised third quarter growth number. but job creation, that might hold up regardless because that weekly jobless claims number fell unexpectedly by 23,000 last week. 298,000 people filing for first-time jobless benefits coming in well below the estimate of 325,000. the street estimate. finally, new orders for factory goods dropped by nine tenths of a percent in october. this is a volatile number. the commerce department saying the demand for aircraft and capital goods weakened. the fed will be watching the big jobs report for tomorrow. atlanta fed president dennis lockhart said today that tapering the fed $85 billion monthly quantitative bond
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purchases, qe will be considered at coming meetings. liz: thank you very much. again, most likely the fed is casting a dark shadow over the markets, but for more market reaction to all the economic numbers let's get right to the floor show. bring in the traders. mark kinnucan, we also got some earnings numbers in the aggregate. corporate america is hitting record earnings. i fail to see how any of that is negative and have it can be sort of given over to the fed. that is not true. corporate america is doing pretty decently. >> these numbers come on drastically reducing expectations. the numbers have been reduced to the extent that a lot of these companies are beating numbers. my thinking is it is not really all that dramatic. you look at what is happening over the last few days. the financials have started to weaken of late coinciding with the yield sitting new 3-month highs which is what is behind the selling pressure of late. it is mostly europe and asia right now. we've only been down about 1% in the last five days where is europe is down over 5%. slowly but surely it starting to a see this long awaited
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correction that people have been looking for. being that it is the month of december i think if it does prove to be just minor, will dip down to 1775, maybe 1760 on the s&p before embarking on our long awaited santa claus rally. liz: so you know, he lives and breathes charts. he lives and breathes natural gas. i really. you want to see some bullish behavior. i cannot believe a 4% jump to
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nothing you can say-26 someone might want t
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level. likewise, we have the philadelphia fed speaking tomorrow after the data. he could hammer home are real theme that they need to take person and then later which way on the market. liz: we will watch for those comments. thank you. all three of you. thank you so much. good to have you on the floor. the closing bell 50 minutes away. the ceo who spent eight years behind bars can send see the light of freedom. it's going to happen. his first interview since being granted early parole, his attorney is with us in a fox business exclusive. the first time he has spoken up since this started the day and a half ago. we will talk about what he faces in his new life. and 9 million souls, but every
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iconic brands needs a little design. a new reveal right outside fox business. just as revealing, perhaps, what does the future holds, not just for mustang, but for the fourth ceo? don't worry. we have got a different question task in. the same theme, a different way of asking. in just a few minutes i will be speaking with and to discuss his next move as well as showing you the brand new, if you guys want to call a cherry red, candy apple red, the rebound in the u.s. auto industry. will the european business come back? stay tuned. ♪ every day we're working to be an even better company -
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♪ liz: you have 4 billion to invest, not to spend, i know. we would all be buying diamond earrings. invest, i said. where would you put it? the money manager who is beating the s&p with that much money under management, what is the buying and what does it predict for the market? city judge would you should do by what he says? joining me now, coke portfolio manager. and your cornerstone madcap 30 fund year today at 27%. slightly better than the s&p 500, not easy to do.
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year-over-year up 20%. you are bullish or bearish? >> bullish. that think there is opportunity left in the market. you know, i see a pullback. putting more to work. i think of the next few years we are expecting hide single-digit returns. nothing will be a blockbuster like this year, but certainly prices where i want to be invested in the equity market. liz: when you say pullbacks, all you have seen is a one to 3 percent pull back here and there. is that what you are talking about? we have not seen big drops in the market. >> and they're right. i think everybody has been kind of waiting for these to happen and they just have not materialized. one of the fortunate things that we do, we are mandated to basically keep less than 5% in cash. we constantly keep our money invested in the markets. because of that we have had good returns. liz: it has worked. that is the problem. a lot of people are not forced to, got scared and get their
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money on the sidelines. let's talk about how you go about picking stock. in this market with a son of a bit more expensive and the big deals are slightly are defined, what you look for? >> there are three really main criteria we're looking for. we are looking for reasonable valuations. the way we do that is we look for a price of sales below one and a half which is our value metric, we think is a reasonably priced stock just saying that, you know, if you have a dollar 50 in sales you can't have a market capitalization of $1. besides that we're also looking for, of course, increasing in our earnings over year to year basis. the quarter to quarter and a really kind of looks at that, we look at a much longer range. and the final factor that we're looking at is a momentum factor. we want to make sure they're doing well over three, six, end of month conference. that is kind of our key criteria
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to what we look for. liz: he has done the work for you. three names that fit into those parameters. let's begin with an airline, and it is alaska airlines. what a great performer. i believe the price-to-earnings ratio still makes it look relatively inexpensive. because it is run up some much and i always ask you, is it still a buy as it gets more expensive? >> yes, we still of alaska airlines. they're doing a great job. in of the customer base. they have won six consecutive awards from j.d. power's for the consumer. there are leading on-time performance for major airlines, doing everything rrght. there really managing the business well. liz: talk about this one. they came out and said that u.s. manufacturing is looking slightly better. i assume this falls under that as well. liz: they have done a great job with an acquisition strategy and are growing their top line revenues, growing double-digit
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earnings increases. same-store sales are up 15%, which is huge. they're beating of the national averages in both domestic and import. they have an acquisition strategy going through 2014 which will help drive topline revenues. we really like the stock. in terms of brunswick, people think about it and think pool tables, but a major part of their business, 75% stems from the marine market where they make boston whalers and mainliners and mercury engines. that market really has not recovered. only in about 60 percent of what it was as the recession. we think there are great opportunities going forward here as well. liz: we have had that see on. we ought to sit there and say, i need a ride. it's good to see you. >> race seeing you again. hennessey fund co portfolio manager having a nice performance. we have that closing bell
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ringing in 40 minutes. former tight co-ceo was a very famous or should we say infamous for his lavish lifestyle and, of course, the price he paid in prison for that. how will he rebuild his life when he is released on parole after being incarcerated for eight plus years? a fox business exclusive with his attorney who will talk about the huge challenges ahead and what that moment was like when he finally got paroled. and ford takes the wraps off of the brand's new mustang sports car. it has been years in the works. now is live rob -- right outside fox business studio 50th competition is fierce. but few will ask the ceo about that. the mobile market. we will get to the microsoft issued. he says no. ♪ [ male announcer ] here's a question for you:
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try align. it's the number one ge recommended probiotic at helps maintain digestive balance. ♪ stay in the groove with align. ♪ liz: former tyco's ceo was once as the poster child for corporate greed. back in the late 90's and early 2000's because he threw
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lavish parties, spent money on items, $30,000,000.5 avenue apartment to a $6,000 shower curtain. it turned out the money was not really his to spend. he landed in 8-25 year prison sentence for stealing. well, he has since paid 1,304,000,000 in restitution. and another 105 million in fines. on tuesday after other attempts which were rejected he was granted parole after you serve the minimum sentence of 100 months. out as early as january 17th. his attorney from carter never gave up, worked tirelessly and is here exclusively right here on fox business. what was that moment like when you heard that the parole board it said granted. >> it has been a long road, but obviously this is the time to be gratified to the parole board. they give careful consideration at this hearing. they recognized it is an exceptionally deserving
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candidate for parole. i am thrilled that he has been granted parole. i cannot imagine there is anyone deserves a more than he did. he looks forward energetically to a new life. productivity and giving back to the community. liz: this video, a fox business. i took a crew of there. we went and where he was in prison. and i have to tell you, the warden really seemed to like him. it was not one of the hardened criminals, and there are many in that prison. he obviously was an exemplary prisoner. you are striking a very magnanimous town. as well you should, yet they rejected him back in 2012 because they said he was a danger to the public which struck people as a little odd. he may be a lot of things, but a danger to the public, public safety? >> i disagree so strongly with the last decision to deny parole
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that we brought a lawsuit. a judge agreed with us that the parole board reasons for denying parole or not satisfactory. in the and the appellate court said that their reasons were not as detailed as they should of been but did not reverse the decision. yet he got another chance. he just added. and, again, we would like to look forward at this point in time, expressed gratitude that they give genuine and fair consideration this time and he looks forward to being productive. liz: you once a job. already working on work-release. but i have been seeing all kind of reports that the conditions of his parole, not allowed to have a bank account, credit card. what do you do with your paycheck? these are dumb questions. thought to myself, how does he live if he is not allowed to have a bank account or credit >> you are right about some of those conditions. however, to be more detailed to what they require is that he asked for permission before
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opening a bank account or giving a -- getting a credit card. any person who has been convicted of a crime involving property is going to be saddled with those conditions. liz: what kind of job is you want? >> you wants to get back to the community, the public service and he is also energetic and -- energetic and interested. we are only two days after parole. he needs time to consider what other additional opportunities there might be. he is dedicated to his current employer and grateful for her -- to her for giving him the chance to begin and she did. liz: there are people, as we finish up here, who say, he stole, but it is still alive and kicking. stock is not as high, but i often think about when i was in local news back in 97 and i covered this nanny who shirk a baby who ended up dying in was convicted 15 years, underspent 279 days in prison.
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and that is were looked at. well, he served eight years for corporate crime. much more than what some people who have actually taken lives of done. he must be quite relieved about january 17th. >> he is quite relieved. when you compare the length of the sentence that he got to many others who committed violent crimes, crimes of danger to my you're preaching to the choir. i would agree that the sentence was quite long. nevertheless, he has served it conservative very well. he was an exemplary inmate, a perfect record. he is going to look forward. liz: the parole board agreed. stuck with dennis all the way through and even filed suit. that's it gets to move. you risk annoying the parole board. please tell tennessee is always welcome here. we love that interview. thirty minutes before the %-of the world's most famous poy
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♪ >> about 25 minutes until the closing bell, and that dallas to the downside, but one group started doing very well. take a look at some of these coal stocks.
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now charles highlighted this earlier. but coal stocks are on fire today. for example, look at walter energy. a great performer about 5%. all green across the board. not major news today. however, the group has been doing well lately. one thing worth noting is the epa administrator recently at an event reporting, and this could be good news. the agency would give states significant flexibiiity in meeting the standards for cold-fired. that sounds like good news. today, as they noted, doing very well. down 57%. peabody energy down about 28%. that's the latest on the floor of the new yor exchange. liz, what's going on there? liz: wow was your first car? >> twenty-eight deasy xi used mustang
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a cylinder 1980. 9 million mustangs sold. what that progression it has been since the world's fair. it was unveiled. year after year this was that hot, iconic, iconic car from ford. the mustang. every single car. as i called it earlier, design botox. look who is here with a crowd gathering. the man behind the design botox of the beautiful brand new ford. >> you love it. liz: i love the color. >> raising red. liz: we were saying candy apple red. tell us about the brand's new unveil. >> this is unbelievable. this is the new 2015 mustang. fifty years ago in new york city at the world's fair ford revealed the very first mustang. it has changed, as you know. for the first time you can have an affordable sports car with a truck and seats in the back and
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a great ride. we are unveiling this all around the world today simultaneously starting right here. and it will be available right hand and left and dry for everybody around the world. liz: europe, that is what amazes me. the first available in europe and china. europe has been a tough market. you guys had to close a planter to. that makes me wonder. not only considerably more expensive due to taxes and other issues. pushing $10 a gallon. how do you get people to drop money and how much is the price? >> great value in very affordable. your question is important. it is the same strategy that ford implemented in the united states during the worst of times it is it wanted to make sure that we invested in the product and had it available. so we are going to introduce over 25 new vehicles in europe over the next couple of years led by the mustang itself as well as contribute to the economic recovery.
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liz: let's go inside. we are on 48 street and sixth avenue. want you to get in the driver's seat. that is where he belongs. this is it. tell us about some of the newer features. cozy. >> this is the new mustang. and the inside is all around in aviation team. you can see the beautiful analog devices, the toggle switch is the set your right in your comfort level. everything is made to be absolutely hands on the wheel, eyes on the road. brushed aluminum, new material. but the neatest thing about this is it is all about you. you can customize it, manual transmission, automatic transmission. this is the sports car for the world. liz: let's go out front to show some of the details of that beautiful -- well, can you even call it a grow? >> let's take a look. come over here. take a look.
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okay. you can see, the sculpture of lines. take a look at the headlamps. does it look -- it can take on anything out there in the weather. liz: your mustang sales have been down compared to camaro which, of course, general motors is your competition. how do you grab that business away from camaro? >> well, we are going to deliver to customers all around the world. a u.s. company. they all like it. they all like the car. they're really like the car. initially it is going to go to the united states and china and europe. i think the response that we are seeing is going to be incredible liz: a best seller in china. your november sales in china crushed it. up 47%. what are they buying in china? >> they especially like the fiesta, focus, fusion, the new explorer, and now the mustang. the focus is the number one vehicle in china.
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in the world. liz: don't understated. but at a time when the auto industry has rebounded exponentially you have to look back at cash for clunkers which is still criticized by some people saying, oh, the auto industry was bailed out. >> please say that again. liz: you never took the bailout. you did take a loan from the department of energy, but not the bailout. nonetheless, you advocate for general motors to survive. i always did different numbers. how many jobs would have been lost weather autoparts are not. >> i think it could have been hundreds of thousands. liz: i keep hearing a million. >> that is normally a little too much. the point is manufacturing in general is around 20%. we agreed with this vision. we need to make sure that this industry did not collapse. that is why we testified on behalf of our bankrupt
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competitors. liz: which leads us tt detroit. bankruptcy, the largest municipality ever to do that, now you have a judge saying there are no sacred cows. pensions can be cut. if you look at wanting to save detroit, i would imagine him what is the best course of action for the city to come back? >> welcome to your point, they have a chance with the direction they're going to deal with their cost and, structure. it's not unlike what all of us have done of the last few years. especially ford. we had to take really tough action. the size of your operation, keep improving your efficiency. in the michigan area as we are adding jobs. we're growing the business. 15,000 new jobs over this next couple of years. liz: which is great. should those pensions be off-limits? that was the big touch point. >> well, on any situation where you are bankrupt you need to deal with all the elements of the cause structure.
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liz: i have to deal with all things including these obnoxious rumors. don't try and get out of it. the rumors about you going to microsoft. you told me and fox business you were serving 2014. of course an analyst comes out and says -- well, he basically calls you a liar. he says that is not true. he would simply say abstain instead of we don't comment. does that annoy you? >> we're absolutely focused on going forward. as we have shared, i love serving ford, always have, always will, no change. liz: what you think your name keeps coming up? >> people looking for. i can understand that, but i love serving ford. liz: right to have you. liz: come quickly and take a look at the back end. runaround. tell me about this one.
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>> like it these satellites. okay. three vertical bars that go in sequence. and look at the lines on the back, shoulder, stance. it is lower, lighter. the love it? >> i love it. we have hybrids. i think over time there will get smaller and more car protected. liz: that is new. the competition is vicious. we have bmw, ivory, i cars coming out. of course there has always been the previous. tesla getting a lot of attention. an exciting or nerve wracking times? >> it's all driven by economics. as you pointed out, we have a great lineup on electric vehicles, but the most important thing we do is drive the cost down of the batteries and get the size down and the infrastructure to charge. then we will see more come
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forward. when you walk into the showroom you get the power of choice. liz: well, customers with is all about. you should be able to customize everything. that range anxiety. don't you agree that there needs to be more charging stations before the chicken and egg question. >> absolutely. that's why we stress and are working with the government and states to improve the infrastructure. here to make that happen. we will need the infrastructure. absolutely. liz: president and ceo. kent clashes with my hair. he's having too much fun. thank you for joining us. thanks for bringing a red one. all right. when we come back, twitter does something interesting. it answers critics and puts a female on its board. we will talk about that, the stock, and much more. some much more with the market's coming up in just a moment. stay tuned.
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live outside midtown. ♪ stk with innovation. stick with power. stick with technology. get the flexcare platinum. new from philips sonicare.
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if every u.s. home replaced one light bulb with a compact fluorescent bulb, the energy saved could light how many homes? 1 million? 2 million? 3 million? the answer is. 3 million homes. by 2030, investments in energy effiency could help americans save $300 billion each year. take the energy quiz. energy lives here.
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♪ liz: dow jones industrials losing 75 points. the s&p down about eight points. a loss of half a percent. stay in the red. the russell 2000 interestingly enough seeing a tiny, tiny gain. two big stories from the west coast, one from the social media company that we are all addicted to, and another from a device that we cannot live without. charlie gasparino with the details. >> reporter: appointing its first-ever retailer to the board of directors. the appointment is effective immediately to the former ceo, a london-based media conglomerate
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that owns penguin, random house, financial times. also on the board of nokia. ironically, it seems he did not used twitter before joining the board. today she posted her first tweet thank you. there could not be a more exciting time to join. and in other tech news, apple has reported fleeing to deal with china mobile, the largest global carrier in the world after years of negotiation and back and forth. reporting that they will offer the iphone later this month to china mobile subscriber spirit to give you some perspective, immobile as more than 700 million users, seven times the number of subscribers as horizon here in the u.s. rumored to rollout the iphone with contracts around december 18th after a china mobile conference. now, after so many years of waiting, the timing seems to be linked to events. the fact that the chinese ministry of industry and nike recently announced it gave licenses to china mobile and
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other carriers to operate for jeanette works. apple was supposedly reluctant to join three g. secondly, this comes after ceo tim cook meeting with the head of china mobile back in late july. can apple expand its market share. even with their contract, the phones are not likely to be as affordable as the top-selling samsung and chinese brands. looking at the top sellers in china, samsung is on top followed by leno though. interestingly apple broke into the top five, beating out a hot new company. now, analysts credit that apple's including china and the global launch, the non contract iphone in beijing and shanghai and cities across china. stock up about. 62% right now. -n the official front, apple and china mobile will not comment or confirm anything yet. liz: nothing yet. >> reporter: nothing yet.
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liz: are you a bit double fisted? that is my. i have my blackberry had said. liz: don't we all. the closing bell ringing in nine minutes. we have our own debate. we found someone bearish. hard to find in the short term. keep it right here. the closing bell is coming up in just a minute. shelling yes right out there. ♪
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take a look. throughout the last hour. here are winners, intel up about 2 1/3%. showing nice perkiness liz: did you see how we were moving around. did you have a mustang?
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. >> there are a lot of high hopes for, obviously alan mulally to go right over to microsoft. obviously a turn around specialist. has done so well and without him, now they will have to look to some other, other great candidates. david: we can't avoid the market downturn, particularly significant. banks are taking it on the chin. jpmorgan is down about 2% right now. >> finance ashave been under pressure as of late, right? fifth day in a row selling major averages. volcker rule and that will be on tuesday for that vote. that is obviously more regulation, put pressure on banks over all anyway. liz: not just xbox, but electronic arts related here. leading the s&p 500 lower. battlefield four, been a very popular game. there are problems with it hammering the stock.
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>> that's right, battlefield 4, which had some glitches and the like, problems, basically, since it launched back on october 29th. now this is supposed to be one of the great ones for the holidays. with this, analysts are looking in there, you know, this may affect the bottom line, numbers they had anticipated for the holiday season. they make other great games like fifa 14 on my son's list. battlefield 4 is likely to hurt them. david: some people are making money today. i'm looking at twitter. they did particularly well. what's up with that? >> look act twitter. it did get a nice pop. remember it was $38 back in late november. we talked about the fact they have the first female board member. good move for twitter today. liz: for twitter. dollar general hitting a new 52-week high today. this is a good move for that stock definitely. >> both dollar general and tiffany hitting all-time highs, watching both closely. tiffany is watching not only in asia but here at home.
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great to see some retailers doing well. david: apple has been on a run. we'll talk about whether it's a bull or bear. some people are thinking of shorting the stock at this level. we'll talk to one of the people later in the hour. it is a bull or bear debate. what is the consensus on wall street? >> consensus, seems to be apple in the fourth quarter. of course apple products are under the holiday tree and hanukkah and like. that's number one. we had a guest on air, wanted apple at 1,000. big picture you have carl icahn still looking for a buyback. has he taken it down a notch from 150 billion down to 50 billion. that gave apple a nice pop. apple moved to new highs today. liz: i want to point out ford at moment. it suddenly moved around quite a bit. it up 3/4 of a percent at 16.74. a few minutes ago, he told us for the mustang, brand new sort of reveal may be available at some point in electric, as he followed up with this, every
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single ford vehicle he wants to make sure will be available, whether diesel, regular gasoline or electric. [closing bell ringing] david: like an electric mustang but the must strange is such a classic. classic look continues even now. liz: bells rang on wall street. let's see how stocks finished up. russell made only gain here but these numbers are still settling. that could change. nasdaq losing a fraction of a percent. the dow and s&p losing identical percentage points here, about .43. tough day even with data. david: we're expecting more good data tomorrow. everybody thinks the jobs numbers will look good. that would lead to early taper than many thought. that is leading to the downturn. when you hear of fear and panic with other times of tapering talk this is not as bad as it looked. let's take a look at your front page headlines as we head into this hour. the economy grew at a much faster pace in the third quarter than previously estimated. commerce department said


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